Why is Firefly Aerospace stock surging today?

Rocket Lab shares rose 6% after Morgan Stanley maintained its Overweight rating and reduced its price target to $103. The company's backlog increased by $1.2 billion, driven by new Neutron contracts at a $70 million base price. Firefly Aerospace and AST SpaceMobile also gained after Firefly's earnings beat and raised outlook.

Firefly Aerospace secured a $1.3B contract with AST SpaceMobile to supply 36 rocket engines and a manufacturing license. The deal will fund Firefly's expansion, including new test facilities and hiring, according to the company.

Firefly Aerospace (FLY) shares rose 10.4% after Q3 earnings beat expectations, with revenue up 259% YoY to $110.7M. The company raised FY2026 revenue guidance to $440M-$450M. Backlog reached $1.7B, driven by lunar missions and strategic partnerships. Analysts upgraded price targets, with B. Riley raising it to $54 and Barclays to $35.

Firefly Aerospace (FLY) announced a $1.3B partnership with AST SpaceMobile (AST) to build engines for AST's reusable launch vehicle. The deal includes $800M in cash and AST stock for engine IP licenses, $250M for support services, and $250M for engine deliveries. Firefly will deliver 36 engines, retaining IP ownership. The agreement is expected to boost Firefly's revenue, gross margins, and infrastructure.

Firefly Aerospace (FLY) reported Q3 2026 sales of $110.7M, up 259% YoY, and an adjusted loss of $0.45 per share, better than expected. The company's backlog reached $1.7B. Barclays and B. Riley raised their price targets to $35 and $54, respectively. Shares rose 9.8% as of 11:20 a.m. ET.

Firefly Aerospace (FLY) shares fell 1% to $23.36 in pre-market trading. The company reported 259% revenue growth to $110.7M and a record $1.7B backlog, but adjusted EBITDA losses widened to $69.5M. Free cash flow outflow increased to $85.3M, with cash reserves at $534.7M. Firefly raised its 2026 revenue guidance to $445M midpoint, citing strong spacecraft and defense demand.